# Table 3c: Aggregate Gross Positions (Winsorized p1/p99)

| Variable | Win: gross_assets | Win: gross_liab | Win: gross_ifi |
|:---|---:|---:|---:|
| Z_1 | -66.4551 | 123.7941 | 57.4631 |
| | (307.6789) | (312.5966) | (610.0966) |
| Z_2 | 30.3194 | 1.5635 | 32.4887 |
| | (46.7977) | (47.5457) | (92.7952) |
| Z_3 | -1.4210 | -0.3132 | -1.7659 |
| | (1.9469) | (1.9780) | (3.8605) |
| fiscal_bal_gdp | -0.1813 | -0.6741** | -0.8520 |
| | (0.2729) | (0.2773) | (0.5412) |
| nfa_gdp_lag | -5.4370** | -17.3760*** | -28.7614*** |
| | (2.6175) | (2.6593) | (5.1903) |
| log_rel_opw | -41.9888*** | -35.4786*** | -78.4877*** |
| | (10.2075) | (10.3707) | (20.2405) |
| kaopen | 3.7836 | 1.0775 | 4.8854 |
| | (2.8250) | (2.8702) | (5.6017) |
|:---|---:|---:|---:|
| Dep var | gross_assets_gdp_w | gross_liab_gdp_w | gross_ifi_w |
| N | 4540 | 4540 | 4540 |
| R² | 0.0249 | 0.0230 | 0.0114 |
| Countries | 164 | 164 | 164 |

*Panel GLS with AR(1) errors. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*